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We looked at the prospectus for the Multiplex SITES back in late 2004, but the lack of any formal review in The Intelligent Investor was our way of saying ‘thanks but no thanks’.

This perpetual security offers a non-cumulative distribution paid entirely at the board’s discretion. Just ponder the absurdity of that combination for a moment. Directors could make a rational economic decision never to pay another cent to SITES holders, and also never pay their principal back. Try getting that deal from your local bank manager.

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